DirectAxis - Flexible personal loans

1. Loan Terms
2. Borrower Requirements
3. How to Apply and Get the Loan
4. Repayment Conditions and Payment Methods
5. Other Conditions
6. Features
7. Is DirectAxis Legal?

DirectAxis Personal Loans are unsecured personal loans for South African borrowers who need a fixed-term loan for planned expenses such as home improvements, travel, education, large purchases or debt consolidation. 

The loan comes with fixed repayments and a fixed interest rate, so the monthly instalment is known before the borrower accepts the agreement. Customers can apply online or through the call centre.

Loan Terms

• Loan amount: from R5,000 to R350,000
• Loan term: from 24 to 72 months
• Interest rate: 28% per annum
• Monthly service fee: R69

Borrower Requirements

To apply for a DirectAxis Personal Loan, the applicant should have:

• a good credit record;
• a regular monthly income of at least R5,000;
• a bank account into which their salary is paid;
• a clear copy of a South African ID;
• recent proof of residential address;
• up to 3 months of recent bank-generated PDF statements or payslips as proof of income.

If the applicant is married in community of property, or under customary or foreign law, spousal consent may be required before entering into a credit agreement.

How to Apply and Get the Loan

A borrower can apply in two ways:

• Online: complete the digital application, save progress, upload documents and check possible repayments before accepting the loan.
• By call centre: speak to a consultant who can explain the available options and help with the application.

The application process usually takes 24–48 hours if all information is submitted correctly. After approval and submission of all required paperwork, the money may be paid out within 24 hours.

Repayment Conditions and Payment Methods

DirectAxis Personal Loans are repaid by debit order. The borrower may need to approve the debit order through DebiCheck. With DebiCheck, the bank asks the customer to confirm the debit-order amount and terms, then checks the debit order every month before processing it. Confirmation may be done by cellphone, banking app, internet banking or ATM.

If the debit-order date falls on a weekend or public holiday, the debit order may be tracked to the business day before.

For early settlement, the borrower must contact DirectAxis and request a settlement amount. The company provides the settlement figure and bank details. The account is closed after the settlement payment is made within the required time frame.

Other Conditions

There are no penalties for settling a personal loan before the end of the term. Early settlement can also reduce the total amount of interest paid.

A standard loan-extension or rollover option is not published for DirectAxis Personal Loans. If a borrower cannot pay on time, they should contact customer care before the debit order fails.

Missed payments may increase the total cost of the loan because interest can compound. Late or missed repayments may also lead to penalties and can negatively affect the borrower’s credit score.

Features

• Unsecured personal loan; no asset collateral is normally required.
• Fixed interest rate for the full loan term.
• Fixed monthly repayments.
• Online and call-centre application options.
• Loan calculator before application.
• DebiCheck debit-order confirmation.
• Balance or statement can be requested by phone or email.
• Customer care is available by phone or email.

Is DirectAxis Legal?

Yes. DirectAxis is a business unit of FirstRand Bank Limited, an Authorised Financial Services and Registered Credit Provider with NCRCP20. DirectAxis SA (Pty) Ltd is registered under company number 1995/006077/07 and is listed as an authorised Financial Services Provider with FSP7249 and FSP5.